Grand Rapids, MI
Kent County · Pop. 198,917
Ranked #80 of 243 cities
48Moderate
Median Home Price
🏠$250K
4.5% YoY
Median Rent
🔑$1,250
3.5% YoY
Median Income
💰$48K
Rent Burden
📊32.0%
% of income to rent
Income to Buy
🏦$72K
annual income needed
Income to Rent
📝$50K
annual income needed
Price-to-Income
⚖️5.2x
Homeownership
🏡52.0%
Rent vs. Buy
Buy
$1,331/mo
Est. mortgage (7%, 20% down)
Need $72K/yr income
Rent
$1,250/mo
Median rent
Need $50K/yr income
How Grand Rapids Compares
| Metric | Grand Rapids | Michigan | National |
|---|---|---|---|
| Home Price | $250K | $236K | $410K |
| Rent | $1,250 | $1,101 | $1,500 |
| Income | $48K | $69K | $75K |
| Rent Burden | 32.0% | 30.0% | 30.0% |
Key Takeaways
- • Home prices in Grand Rapids are 39% lower than the national average.
- • Rent is 17% lower than the national average.
- • You need an income of $72K to comfortably buy a home here.
- • The homeownership rate is 52.0%, compared to 65.0% nationally.